Bitcoin price reclaims $80K as US GDP beats forecasts

cryptonews10-29 22:19

Bitcoin price has reclaimed the $80,000 level after briefly falling below it earlier on Thursday, as fresh US economic data showed stronger than expected growth in the third quarter and persistent ...

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href=https://crypto.news/bitcoin-price-reclaims-80k-as-us-gdp-beats-forecasts/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin price has reclaimed the $80,000 level after briefly falling below it earlier on Thursday, as fresh US economic data showed stronger than expected growth in the third quarter and persistent ...</p>\n\n<a href=\"https://crypto.news/bitcoin-price-reclaims-80k-as-us-gdp-beats-forecasts/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OOQB","symbol_name":"One+One Bitcoin and Ether 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as traders assessed the latest US economic data.\nThe US economy grew at an annualized rate of 3.4% in the third quarter, beating the 3.2% forecast, while annual core PCE inflation reached 3.1% in September.\nStronger economic growth and persistent inflation could encourage the Federal Reserve to keep interest rates elevated, potentially putting pressure on Bitcoin’s recovery.\nBitcoin faces immediate resistance near $81,400, followed by the $82,000 to $82,500 range, while $80,000 remains an important level for traders to watch.\n\n\n\nAccording to the US Bureau of Economic Analysis, the country’s economy grew at an annualized rate of 3.4% between July and September, exceeding economists’ expectations of 3.2% and improving from the previous quarter’s 2.2% growth.\nThe latest figures arrived a day after the Federal Reserve decided to leave interest rates unchanged, raising fresh questions about whether the central bank could consider another rate hike before the end of the year.\nBitcoin (BTC) had dropped to approximately $79,800 earlier in the session before recovering above $80,000. However, the cryptocurrency remained under pressure following Wednesday’s Fed decision, with traders assessing how the latest economic figures could affect monetary policy.\nUS GDP growth beats expectations as inflation remains elevated\nThursday’s advance GDP estimate showed that the US economy grew faster in the third quarter, supported mainly by consumer spending, business investment, and government expenditure.\nConsumer spending, which accounts for more than two-thirds of US economic activity, grew at an annualized rate of 3.8%, matching the pace recorded in the second quarter.\nBusiness investment remained another contributor, particularly as technology companies continued spending on artificial intelligence infrastructure and equipment.\nHowever, the stronger economic performance was accompanied by inflation figures that showed consumer prices continued to rise in September.\nThe Fed’s preferred inflation measure, the Personal Consumption Expenditures price index, rose 0.5% month over month, compared with a 0.3% increase in August.\nAnnual headline PCE inflation reached 3.6%, up from 3.4% in the previous month, while core PCE inflation, which excludes food and energy, stood at 3.1%.\nThe annual core reading matched economists’ expectations but was slightly higher than August’s 3.0%. On a monthly basis, core prices rose 0.3%, in line with forecasts.\nMeanwhile, the annualized core PCE price index for the third quarter came in at 2.5%, above the expected 2.4%, although it slowed from 3.3% in the previous quarter.\nThe figures showed that inflation remained above the Federal Reserve’s 2% target despite the economy maintaining a relatively strong pace of growth.\nWhat does stronger US GDP mean for Bitcoin price?\nFor Bitcoin, the latest economic figures arrived at a time when investors were already concerned about the possibility of interest rates remaining elevated for longer.\nStronger economic growth generally gives the Federal Reserve more room to maintain restrictive monetary policy, particularly when inflation continues to exceed its target.\nHigher interest rates can make interest-bearing assets such as government bonds more attractive compared with Bitcoin, which does not offer a fixed yield.\nAccording to Reuters, economists were expecting the Fed to raise interest rates in December following the latest signs of economic strength and persistent inflation.\nThe central bank had already kept its benchmark interest rate at 3.75% to 4.00% on October 28, following a quarter-point increase in September.\nThe decision passed by a 10 to 2 vote, with Fed officials Lisa Cook and Beth Hammack favoring another 25 basis point hike.\nFed Chair Kevin Warsh acknowledged that economic activity was expanding at a strong pace but maintained that inflation remained elevated.\nFor cryptocurrency traders, the possibility of another rate increase could create further uncertainty, particularly if upcoming economic releases continue to show persistent inflation.\nBitcoin price recovery faces resistance above $80,000\nBitcoin’s recovery above $80,000 followed an earlier decline that briefly pushed the cryptocurrency below the psychological level.\nAs crypto.news reported earlier Thursday, Bitcoin had fallen approximately 1.5% to $79,810.94 following the Fed’s interest rate decision, despite continued demand from US spot Bitcoin exchange-traded funds.\nData from SoSoValue showed that spot Bitcoin ETFs attracted $423.66 million across three consecutive trading sessions.\nMeanwhile, Santiment reported that Bitcoin’s transaction count and active addresses remained below their average weekday levels recorded between July and September.\nEarlier technical analysis had identified $81,400 as an important level for Bitcoin to recover, with resistance between $82,000 and $82,500 beyond that area.\nA sustained move above those levels could put $84,202 back in focus, according to the previous assessment, while $80,000 remained the immediate support area.\nBelow that, the analysis identified $78,000 and $76,000 as potential support levels if selling pressure returned.\nSeparate exchange flow data published ahead of the Fed decision showed that 14,942 BTC had left centralized exchanges, marking the largest daily net withdrawal in five weeks, according to Santiment.\nThe withdrawals suggested that some investors were moving Bitcoin away from trading platforms even as the cryptocurrency struggled to recover from its recent losses.\n\n\n\n\n\n                Read more:\n            \n\n                NYSE owner ICE partners with trade[XYZ] for US perpetual futures","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2679028617","isCrawlerRequest":true}